Consumer Credit – Product Sales Data Reporting
We recently set out our final rules and guidance for 3 new Product Sales Data (PSD) returns for consumer credit agreements.
We worked closely with firms and trade bodies to ensure the burden on firms is proportionate to the benefits. Having fully considered the feedback and further analysis we have raised the financial threshold for reporting and extended implementation timelines.
New PSD returns will allow us to collect good quality data that supports our objectives in the consumer credit market. Firms which are immediately in scope of the return will shortly receive an email with details of their specific timelines.
A reminder about changes to Form A
The changes we’ve made to Form A (used for Senior Manager and Controlled Function applications) are now live for all new applications.
Existing draft applications will not be affected.
Our webpage gives more information on the changes we’re making to make it easier for firms to complete Authorisation applications.
UK EMIR reporting questions and answers
On 24 February 2023, we published a joint Policy Statement with the Bank of England confirming changes to the derivative reporting framework under UK European Market Infrastructure Regulation (EMIR).
Most of the new requirements are applicable from 30 September 2024, with a transition period for some aspects.
Following feedback from industry, on 2 May 2024 we published finalised UK EMIR reporting questions and answers (Q&As) to support the bringing in of the new requirements.
We also published a further set of Q&As for consultation and would welcome any feedback by 12 June 2024.
Credit Information Market Study principles for industry-led remedies
We have published the principles for industry-led remedies to issues with the credit information market.
The principles set out a range of factors for stakeholders to consider when undertaking work on the remedies. These include input from a specialist and/or a range of relevant stakeholders and the potential impact on different firms and consumers.
We welcome views from all relevant stakeholders on the development and progress of the industry-led remedies in line with the above principles. Please send views and comments to: creditinformationmarketstudy@fca.org.uk
Operational Resilience - 10 months to go
Are you in-scope of our operational resilience rules? You now have 10 months to make sure you’re ready to comply with our final rules and policy by 31 March 2025.
To make sure you’re on track to becoming operationally resilient, we have published our observations and insights on firms’ preparations. We encourage you to use our insights to review your own approach and assess your readiness on some of the key areas of the policy.
Changes to how we verify callers to the FCA
Security is at the heart of our Technology and Data platforms. With this in mind, we’re making changes to improve and speed up how we verify callers to our Supervision Hub.
From mid-June 2024, callers will need to verify using a one-time passcode sent by text message. The changes align our phone verification process with multi-factor authentication which was rolled out for FCA systems last year.
See our resources page for more information.
Preparing your firm's financial information
We are improving the way we collect financial information at the gateway. On the Authorisations webpage, in preparing your firm’s financial information, you can now find a new template, available to Wholesale firms.
You can download this template and use it when you submit your firm’s financial information, as part of your application. The aim is to improve firms’ experience when applying for authorisation, by preventing unnecessary later requests for baseline financial information. This will enable us to keep our interactions focused.
Please note that this template does not replace the financial questions in other forms you need to submit with your application.
Payment Services and Electronic Money Individual notifications
A reminder, if your firm is authorised/registered under the Payment Services Regulations (PSRs) 2017 or Electronic Money Regulations (EMRs) 2011 you must notify us of any changes to the individuals responsible for the management of your payment services and/or e-money services.
Please note, this is a notification process only. We won’t usually contact you when processing your notification, however if we think that adding the individual will have an adverse effect on your business we will do so.
Find out more about our expectations and process here: Chapters 4 and 5 of Payment Services and Electronic Money – Our Approach
Transparency of terms – latest undertaking published under the Consumer Rights Act 2015 (CRA)
We have published an undertaking under the CRA from Mercedes-Benz Financial Services (UK) Limited. This is in relation to a potentially unclear excess mileage term in the firm’s consumer vehicle Hire Purchase Agreements that contain an excess mileage charge.
We were concerned that it was unclear from the contract how the consumer’s permitted mileage would be calculated in the event the contract was terminated part way through a 12-month period. The firm agreed to improve the clarity of the term.
The firm fully co-operated in addressing our concerns.
We remind firms to ensure their contracts comply with the transparency and fairness requirements under the CRA. Read further information about our powers and other publications.
UK EMIR bilateral margin requirements
On 30 April 2024, we published proposed consequential amendments to the Binding Technical Standards (BTS) 2016/2251 for consultation jointly with the Prudential Regulation Authority (PRA) in Chapter 5 of the PRA’s Occasional Consultation Paper. See the details in CP24/10 (PRA CP6/24).
We welcome your feedback by 30 May 2024.
James Lewis fined £120,300 for putting investors at risk
We banned and fined James Lewis £120k for putting investors at risk by providing incorrect information about his client’s cash reserves for their annual accounts.
Guy Flintham sentenced to 6 years for fraud over unauthorised investment scheme
On 17 May 2024, Guy Flintham was sentenced to 6 years for fraud over an unauthorised investment scheme. On 19 February 2024, Mr Flintham pleaded guilty to fraud by false representation, following a prosecution brought by the FCA.
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